SpiceJet Shares Rise: Indian low-cost carrier SpiceJet on Wednesday said that it has entered into a settlement agreement with Nordic Aviation Capital, a major lessor for its Q400 aircraft, and three repossessed aircraft would return to its fleet.
The agreement settles all past liabilities for the Q400s planes leased by NAC to SpiceJet. As of date, SpiceJet operates five Q400 aircraft leased from NAC.
Post this settlement, SpiceJet will be inducting an additional three Q400 aircraft from NAC back to its fleet, which had been repossessed by the lessor earlier.
The Indian carrier has been scrambling to raise funds amid a string of quarterly losses, compounded by some lessors taking the airline to court to settle unpaid dues and requesting the country’s aviation regulator to de-register their planes.
Earlier this month, SpiceJet said lessor FTAI Aviation would lease it up to 20 engines as it looked to restore its fleet.
The carrier said last month it has begun to revive 25 of its grounded fleet using its own money and a $50 million line of credit through an Indian government scheme it secured.
Shares of the company rose as much as 5.5 per cent in their biggest intraday percentage rise since June 9. Shares of SpiceJet are currently trading 3 per cent higher at Rs 28.28.
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